Medusa Mining hits more copper at Lingig prospect

Medusa Mining (ASX: MML, ) has reported through its Philippines subsidiary, Philsaga Mining Corporation, that drilling at Lingig has continued to intersect copper mineralisation in two geological settings.

The most recent and most northerly drill hole returned 154.60 metres at 0.45% copper (with last 45.90 metres averaging 0.65% copper at a 0.3% copper cut-off) but was abandoned in strong mineralisation.

Managing Director Geoff Davis commented "we continue to make good progress in unravelling the mineralisation and its controls at Lingig."

"Whilst the basalt-hosted mineralisation appears to be open down-plunge and with the potential to develop into a larger body of mineralisation, at the breccia-hosted mineralisation we are now demonstrating copper mineralisation within a large breccia body with porphyry copper associations and which is open to the south."

"The company’s copper portfolio is expanding with the recent discovery of the Usa copper-gold porphyry target. Further work is expected to continue to add value to these exploration targets,” he added.
Shares in Medusa Mining have performed exceptionally welll over th past few years, rising from around 30 pence per share in 2008 to nearly 300 pence recently.  The company has benefited from its decision to maintain listings on London's Alternative Investment Market, the Toronto Stock Exchange and Austrlian Stock Exchange.
While the copper was reported on drill results for copper this morning, the main driver of the business is the high grade, underground Co-0 gold mine.

http://www.proactiveinvestors.co.uk/companies/news/16339/medusa-mining-hits-more-copper-at-lingig-prospect-16339.html